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Texas Business Organizations Code - Section 251.353. Annual Report Of Financial Condition

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 251.353. Annual Report Of Financial Condition

§ 251.353. ANNUAL REPORT OF FINANCIAL CONDITION.  (a) 
This section applies only to a cooperative association that has at 
least 100 members or at least $20,000 in annual business.
	(b)  Not later than the 120th day after the date on which the 
association closes its business each year, a cooperative 
association shall file in the association's registered office a 
report of the association's financial condition stating:
		(1)  the name of the association;                                             
		(2)  the address of the association's principal office;                       
		(3)  the name, address, occupation, and date of 
expiration of the term of office of each officer and director;
		(4)  any compensation paid by the association to each 
officer or director of the association;
		(5)  the amount and nature of the authorized, 
subscribed, and paid-in capital;
		(6)  the total number of shareholders;                                        
		(7)  the number of shareholders who were admitted to or 
withdrew from the association during the year;
		(8)  the par value of the association's shares;                               
		(9)  the rate at which any investment dividends have 
been paid;  and        
		(10)  if the association has no shares:                                       
			(A)  the total number of members;                                            
			(B)  the number of members who were admitted to or 
withdrew from the association during the year;  and
			(C)  the amount of membership fees received.                                 
	(c)  The report required by Subsection (b) must:                               
		(1)  include a balance sheet and income and expense 
statement of the cooperative association;  and
		(2)  be signed by the president and secretary.                                
	(d)  A cooperative association that has at least 3,000 
members or at least $750,000 in annual business shall file a copy of 
the report required by this section with the secretary of state.
	(e)  A person commits an offense if the person signs a report 
that is required by this section and contains a materially false 
statement that the person knows is false.  An offense under this 
subsection is a misdemeanor punishable by:
		(1)  a fine of not less than $25 or more than $200;                           
		(2)  confinement in county jail for a term of not less 
than 30 days or more than one year;  or
		(3)  both the fine and confinement.                                           

Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.                     

Last modified: August 11, 2007